Ford, Dr Pepper, Delmarva Power, Lincoln, National Retail price; credit spreads tighten

By Cristal Cody

Eureka Springs, Ark., Dec. 5 – High-grade companies including Ford Motor Co., Dr Pepper Snapple Group Inc., Delmarva Power & Light Co., Lincoln National Corp. and National Retail Properties, Inc. tapped the U.S. primary market on Monday.

Ford Motor priced $2.8 billion of senior notes in two tranches.

Dr Pepper Snapple Group brought a $1.55 billion four-part offering of senior notes.

Lincoln National sold $400 million of 10-year senior notes.

Delmarva Power & Light raised $175 million in an add-on to its 4.15% first mortgage bonds due May 15, 2045.

National Retail Properties sold $350 million of 10-year notes during the session.

The Markit CDX North American Investment Grade index firmed about 1 bp to close at a spread of 72 bps.

In the secondary market, Wells Fargo & Co.’s 4.75% notes due 2046 priced on Thursday traded about 1 bp softer earlier in the day.

Allstate Corp.’s new 4.2% senior notes due 2046 were unchanged from Friday in secondary trading.

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